Key facts The big picture Our industry has been playing its part in the UKs economic recovery, from managing risk and uncertainty, to providing incomes for those in retirement UK insurers contributed UK has to the UK economy in 2020 authorised life insurance companies 30bn Source: ONS The Blue Book October 2021 Supplementary Tables, Financial Corporations, Table 4.4.2 176 (139 UK authorised, 37 based in another country - either Gibraltar or Temporary Permissions Regime) in 2020 Source: Bank of England List of UK / EEA authorised insurers October 2020 UK insurance market ranked 4th largest in world and the largest in Europe Source: Bank of England List of UK / EEA authorised insurers October 2020 78% of employees pay into workplace pension as of April 2020 Source: ONS In 2020 travel insurers paid out 250m claims to travellers who needed help. 63m of this was to cover the cost of emergency medical treatment and 148m for cancellations. Source: Travel Insurance 2020 Services exported by UK insurance and LTS industry valued at 20.6bn in 2020 Claims totalling 47.2m incurred each day for motor and property insurance source: Motor Income & Outgo 2020 and Property Income & Outgo 2020 Source: ONS 16.1bn tax paid by ABI Members to UK government in 2020 Source: ABI 321.3k people employed in the UK insurance industry and auxiliary services in 2020 114.3K directly employed by insurance companies, 207K in auxiliary services to insurance and pension funding Source: Industry - Business Register and Employment Survey - Table 2 98% 1.7tn 1.4bn 6.7bn Source: Protection Claims Paid and Denied 2020 Source: Invested Assets 2020 (Total Investment Holdings) Source: General Insurance Detected Fraud 2020 Source: Retirement Income Data: Oct 2020 to March 2021 of protection claims presented paid out The value of invested assets held by ABI in 2020 The value of fraudulent claims detected in 2020 was withdrawn from pensions in 2020/2021 fiscal year